Volvo Buses announces Rs 400 crore investment over 5 years

As Volvo Buses celebrates 10 years of its Indian innings, the company took this opportunity to announce an approximately Rs 400 crore investment plan for the next five years. In the first phase, Volvo Buses will expand its current establishment to 2500 capacity and introduce a range of new vehicles starting as soon as 2012. This announcement supports earlier ones regarding Volvo’s aim to become a $1 billion company selling 5000 buses in 2015.

President and CEO, Volvo Bus Corporation, Hakan Karlsson, who was in Bangalore to attend events commemorating the milestone, said, “Just as we enter the 10th year of our operations, I also see India ready for its next phase in progress. Volvo Buses in India will extend its presence wider in the market, while also becoming our global hub for various selected models. We see the country becoming one of our largest markets globally. A most enduring part of our success in India is that our success is measured not merely in numbers, but the way we have impacted quality of life for people in cities and travelling between cities.”

Volvo Buses’ journey in India started in 2001. Today, the company has presence in the inter-city luxury coach and low-floor air-conditioned city bus segments.

Akash Passey, managing director and CEO, Volvo Buses in India, said, “The 10 year milestone is symbolic of the association that Volvo Buses has with the society at large and of course our partnership with customers and all stakeholders. The need for buses as sustainable transport solutions is high in India and we aim to grow multifold in the years to come.”